May 9, 2017 / 2:53 AM / 2 months ago

Taiwan stocks move past 10,000 mark, 1st time in 2 years, but pare gains

2 Min Read

    TAIPEI, May 9 (Reuters) - Taiwan stocks broke above the key
10,000 level for the first time in two years on Tuesday as
retail investors piled in behind foreign ones, but profit-taking
erased most of the early gains. 
    The 10,000-points milestone came after Taiwan's exports for
April on Monday showed continued recovery for the trade-reliant
economy with a surge in imports last month signaling the
momentum would stay.             
    Foreign investors remain net buyers in stocks as the Taiwan
dollar keeps its pole position as Asia's strongest currency so
far this year.             
    As of 0238 GMT, the main TAIEX index         was up 0.1
percent to 9,950.50, falling back from its session high so far
of 10,001.94. It was the index's highest level since April 28,
2015, when it reached 10,014.28. 
    The index closed 0.4 percent higher in the previous session,
settling up for 10 out of the past 11 trading sessions. 
    "The direction is up, but only if the index can really stay
above the 10,000 level," said Leon Chu, a manager with Franklin
Templeton SinoAm Securities Investment Management in Taipei. 
    Chu said the inflows aren't broad-based into Asia, so Taiwan
shares would be vunerable to short-term profit taking, depending
on the global situation. 
    The electronics subindex         rose 0.6 percent, while the
financials subindex         lost 0.2 percent. 
    The Taiwan dollar          softened T$0.004 to T$30.170 per
U.S. dollar.  
    

 (Reporting by J.R. Wu; Editing by Biju Dwarakanath)
  

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